The bill aims to enhance transparency regarding flood risks associated with real property transactions in Vermont. It establishes that sellers must provide buyers with specific information about flood hazards before the sale, including a copy or link to the official flood insurance rate map and details about any past flooding or flood damage to the property. The bill repeals previous requirements related to the Federal Emergency Management Agency's mapped flood hazard areas and introduces new obligations for sellers, such as disclosing whether they are required to maintain flood insurance under federal or state law.

Additionally, the bill outlines the consequences for sellers who fail to provide the required information, allowing buyers to terminate the contract prior to the transfer of title or occupancy. It also permits buyers to seek damages and attorney fees if the seller knowingly withholds information. However, sellers are protected from liability for inaccuracies based on information from public bodies or licensed professionals. The act is set to take effect on September 1, 2025.

Statutes affected:
As Introduced: 27-380
As Passed By the House -- Official: 27-380
As Passed By the House -- Unofficial: 27-380
As Passed by Both House and Senate -- Official: 27-380
As Passed by Both House and Senate -- Unofficial: 27-380
As Enacted: 27-380